PCAP to acquire Nuveen Churchill BDC V's assets and liabilities for NAV in Q2 2026

Nuveen Churchill Private Capital Income Fund

PCAP acquires 100% of BDC V's assets/liabilities for cash equal to NAV; close expected Q2 2026, pending BDC V shareholder approval.
Post-transaction, PCAP's top 10 investments as % of portfolio drop from ~11% to ~9%, improving diversification.
BDC V portfolio as of 12/31/25: no non-accruals, weighted avg risk rating 4.0, ~55% assets already in PCAP.
Transaction expected to enhance PCAP's scale, lower cost of debt, and create operational efficiencies.
BDC V to cease operations and distribute cash proceeds to its shareholders after closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nuveen Churchill Private Capital Income Fund entered into Purchase and Sale Agreement with Nuveen Churchill BDC V valued at total cash consideration equal to BDC V’s net asset value ("NAV") as of the Determination Date (effective 2026-04-01).

Action: entry
Agreement: asset purchase
Counterparty: Nuveen Churchill BDC V
Value: total cash consideration equal to BDC V’s net asset value ("NAV") as of the Determination Date
Effective: 2026-04-01

Exact text from the filing

On April 1, 2026, Nuveen Churchill Private Capital Income Fund, a Delaware statutory trust (the “Fund”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Nuveen Churchill BDC V, a Delaware statutory trust (“BDC V”)

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Source: SEC EDGAR

accession 0001911066-26-000027

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